My idea is some non profit gets setup to manage a system where someone announces their mortgage and then they can have friends, family and second and third degree friends and families finance your loan.
Let’s say someone buys a $250k house. Each person puts in $100 and then they get a receipt showing they are owed $200 against their 1/2500th share of the mortgage. Repayments are paid the $200 in return in a random time frame of between the first month to the last month 30 years later. Repayment is completely randomized, meaning you could get your money back really soon… Or a really long time from then.
There are a lot of other ways you could build on this idea.
I don’t know the answer to the first question. It was a Mennonite thing. All members had to be Mennonite or in a Mennonite church (there are lots of non-Mennonites going to Mennonite churches), or connected to a Mennonite organization.That probably helped to keep costs down as we tend to be honest and experienced at community cooperation. I believe the management was hired by one of the Mennontie conferences.